Catch the Lotto, Gwacheon Jade Xi at 193.6 to 1

Strong Demand for First Priority Despite 10-Year Resale Restriction

[Asia Economy Reporter Onyu Lim] The first sale within Gwacheon Knowledge Information Town in Gyeonggi-do succeeded in attracting strong interest as expected. The strict conditions of a 10-year resale restriction and a 5-year mandatory residence did not diminish interest in these half-priced apartments located in a quasi-Gangnam-level area.

According to the Korea Real Estate Board's subscription website on the 4th, 25,560 applicants applied for the first-priority subscription of 'Gwacheon Jade Xi' within Gwacheon Knowledge Information Town the previous day. With only 132 units supplied, the average competition rate reached 193.6 to 1.

The housing type with the highest competition rate was the 59㎡B type (exclusive area), with only one unit supplied and 872 applicants. The 59㎡A type, with 40 units available, attracted the largest number of applicants at 12,184. The competition rate for residents of the relevant area was 49.2 to 1, but for other Gyeonggi residents, it soared to 785.1 to 1. The 59㎡C type had 6,995 applicants for 38 units, the 49㎡A type had 2,197 applicants for 24 units, and the 49㎡B type had 2,557 applicants for 28 units.

This apartment complex is a public sale project with private participation, where Korea Land & Housing Corporation (LH) provides the land and GS Construction participates as the contractor. The general sale portion (20%) was smaller than the special supply portion (80%), which is analyzed to have caused the high competition rate.

Gwacheon Jade Xi, the first to be supplied in Gwacheon Knowledge Information Town, is located on public land within a speculative overheating district, so the conditions are very strict. Resale is restricted for 10 years, and residence is mandatory for 5 years. Nonetheless, many applicants applied because winning guarantees a price difference of several hundred million won. It is close to Gangnam in Seoul, and the price per 3.3㎡ is 21.95 million won, about half the market price of apartments in Gwacheon, earning it the nickname "Lotto Apartment." For example, the sale price of a 59㎡ unit in Gwacheon Jade Xi is 502 million won, while nearby Ramian Shure in Byeollyang-dong is traded around 1.25 billion won.

The complex will be built with 7 buildings ranging from 2 basement floors to a maximum of 25 floors above ground, totaling 647 units with exclusive areas ranging from 49 to 59㎡. Earlier, on the 2nd, 12,976 applicants applied for 515 units supplied in the special supply.

This content was produced with the assistance of AI translation services.